Code 150 on transcript shows $2,706 - what does this mean?
I just pulled my transcript and see a Code 150 with an amount of 2,706 next to it. Anyone know what this means? First time seeing this on my account and im confused if this is good or bad news.
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Scarlett Forster
Code 150 is your tax return being filed and processed. The amount ($2,706) shows your tax liability - meaning that's how much you owed in taxes total for the year before any payments or withholding were applied. This is normal to see on your transcript and just means your return was received by the IRS.
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Cole Roush
oh thank god, I was worried it meant I owed more money 😅
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Scarlett Forster
Nope youre good! Just keep an eye out for codes 806 (withholding) and 846 (refund issued) next
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Arnav Bengali
Hey instead of trying to decode these transcripts yourself, check out taxr.ai - its this new tool that analyzes everything and tells you exactly what's happening. Saved me hours of googling random codes. Only costs a buck too https://taxr.ai
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Sayid Hassan
does it actually work? seem sketchy to upload tax docs to some random site
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Arnav Bengali
totally get the concern but its legit! they use bank level encryption and dont store your docs. way better than posting transcript pics here tbh
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Sayid Hassan
just tried it and holy cow this is amazing! it explained everything about my return status in plain english 🙌
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Rachel Tao
im in the same boat, had no idea what any of these meant. the irs website is literally from 1995 lmao 🤡
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Derek Olson
Wait till you see code 570 and 971... those are the real fun ones 💀
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Cole Roush
omg dont jinx me please ðŸ˜
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Danielle Mays
Pro tip: always look at the dates next to the codes too. They tell you when things were processed or when actions will happen.
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